Sac Radio: Brokered Show Host Facing SEC Allegations

Sacramento radio show host and financial adviser Keith Springer, whose show “Smart Money” airs weekends on iHeartMedia's KFBK 1530 AM / 93.1 FM, says that allegations of fraud filed against him by the Securities and Exchange Commission in federal court are “absolutely false.”

Keith Springer

“It’s really David versus Goliath here,” Springer said in an interview with The Sacramento Bee. “I’m just an easy headline for them.”

The SEC filed civil charges against Springer, 55, owner of Sacramento-based Springer Financial Advisors, alleging Springer and his business “have engaged in a pattern of deceptive conduct specifically targeted at retirees and near-retirees,” the complaint said.

The 18-page complaint alleges that Springer misrepresented his financial expertise, concealed his disciplinary history with the New York Stock Exchange and SEC from clients, and received millions of dollars of undisclosed compensation for recommending investments without disclosing a conflict of interest.

Advertisements for his company allegedly misinformed potential clients by falsely claiming Springer wasn’t paid to promote particular investment opportunities, according to the SEC.

Springer adamantly denies the allegations, saying he had been working with the SEC for years to correct “technical bookkeeping type things,” and disclosed his disciplinary history to all his new clients.

Since 1985, Springer has worked as a registered investment representative for a number of broker-dealer firms, but in 1999, the New York Stock Exchange barred him from membership and disallowed him to work for any member organization for four years, according to the SEC.

The SEC alleged that many of the victims were drawn to Springer through his radio show on KFBK, which Springer said he was chosen for because of his years of industry knowledge. In the complaint, the SEC alleges Springer paid to get on the air.